An entrepreneur pitches wired earbuds called NeverBuds on Shark Tank, asking for $28,000 for 40% equity. He's sold 680 units since 2019 and invested $100,000 of his own money, mostly through a Gold Coast market stand. A Shark passes, saying there's no commercial viability.
40% equity for $28,000.
680 units.
$100 per earphone.
$68,000.
From 2019 to the current date (as of the pitch).
I was so tired. With old fashioned earphones. If you lose one of these, it costs you a lot of these. G', day, Sharks. My name is Nevada, and my passion is earbuds. When you join the names together, you get the NeverBuds. I'm proposing 40% equity of my business for $28,000. Keep in mind, Sharks, I'm not after your money. I'm here to make you money. Because you never lose the neverbuds. Tell us about your sale. I've sold 680 earphones. 680,000? No, I wish. What does that translate in terms of GROSS Sales? Okay, so 100 DOL earphone. So I've made $68,000 over what period of time? From 2019 to the current date. I work two jobs, so I only sell on any given Sunday at a local market on the gold coast. Nevada, how much have you invested in this business today? $100,000. Wow. I can see that fire that you will run through brick walls to get to the outcome. This isn't a business that I see as being commercially viable, so for that reason, I'm out.
